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Insurance and income protection

Business Insurance & Income Protection

Tax-efficient life insurance and critical illness insurance for business owners

What’s surprising is that most Life Insurance policies and Critical illness covers are not tax free which means your company cannot allow these as tax deductible expenses. However, we are able to source insurance products that are tax allowable and paid for by your limited company! This means a potential saving of over 40% if you are a high taxpayer.

Furthermore, the cost of such bespoke policies is not much extra to any comparable insurance products.

Talk to us about Critical Illness Cover that can now be bundled with Relevant life giving you more tax savings! Our bespoke products are not available on a price comparison website.

Relevant Life

Relevant Life plans are a way of providing death-in-service benefits on an individual basis no matter how small your business is. They are designed to pay a lump sum if the employee dies whilst employed during the length of the policy.

HMRC view the monthly premiums as an allowable business expense for the employer and not a benefit-in-kind for the employee. The employee therefore does not have to pay Income Tax or National Insurance on the premiums.

If you are a business owner, your company can claim tax relief on the premiums as this will be an allowable business expense. Your company will therefore save 19% corporation tax on the monthly premiums. At WIS Mortgages and Insurance services, our Consultants are qualified and trained to all aspects of Life Assurance. We will carefully review your personal circumstances now and your aspirations for the future. We will make a recommendation that gives you the peace of mind and the security your family and loved ones need. Relevant Life insurance therefore works very well for contractors, as not only do you save on your tax bill but your loved ones receive 100% of the pay-out.

Get in touch to find out more

Income Protection

Just imagine if you are unable to work and the negative impact it would have on your family. We can also offer income protection policies for contractors to prevent such adverse events. Whilst permanent employees have the benefit of at least three months’ pay in the event of accident or sickness, as a contractor you do not have access to such perks. Unfortunately, that’s the sad truth. However, there are ways that you can protect yourself from hardship. You can maintain your current standard of living by setting aside a monthly figure towards an Income Protection policy. These policies will support you financially if you are unable to work and can even maintain your standard of living through to retirement if you suffer a more serious illness or accident.

Critical Illness

Can you think of a friend or a family member who has become seriously ill, how about a friend of your parents? One in five of us will suffer a critical illness. Most of us think that the good health we enjoy now will stay with us forever. Unfortunately, statistics suggest the odds are stacked against us. Statistics confirm that one in five males and one six females will suffer a serious medical complaint at some stage in their life.

Critical Illness Cover is designed to pay a lump sum once you are diagnosed with a Critical Illness allowing you have financial peace of mind whilst focusing on getting back to full health. For contractors, this is welcome news as some bespoke insurance products are tax deductible and so you save on Corporation Tax.